Report Description of the Russia Telemedicine Market Analysis
Research Scope and Assumption
- The report provides the market value for the base year 2020 and a yearly forecast up to 2028 in terms of revenue (USD billion)
- The key industry dynamics, regulatory scenario, reimbursement scenario, major market trends, and drug markets are evaluated to understand their impacts on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis
- We have used the combination of top-down and bottom-up approach for market sizing, analyzing key regional markets, dynamics, and trends for various solutions, services, and end uses
- All market estimates and forecasts have been validated through primary interviews with the Key Industry Players (KIPs) and secondary analysis
- Inflation has not been accounted for in order to estimate and forecast the market
- Numbers may not add up due to rounding off
Reason to buy the report:
- Facilitate decision-making based on strong current and forecast data for Russia Telemedicine Market Analysis
- Develop strategies based on the latest regulatory framework
- Strategically analyze micro-markets with respect to individual growth trends, future prospects, and their contribution to the market
- Analyze competitive developments such as expansions, investments, mergers & acquisitions, new product developments, and research & developments in the Russia Telemedicine Market Analysis
- Analyze the opportunities in the market for stakeholders and draw a competitive landscape for market leaders
- To strategically profile key players and comprehensively analyze their market shares and core competencies
- We have technically sound team which do a deep dive research and also provide strategy based consulting analysis
Russia Telemedicine Market Analysis Executive Summary
In Russia, telemedicine, as a publicly available medical practice, is just beginning to develop, although for a country with vast distances and transport underdevelopment, telemedicine services are especially important social and economic. Telemedicine can be used for remote audio and video consultations, reducing the cost of repeated visits to a doctor, constant monitoring of patients with chronic diseases, remote surgical operations, emergency assistance in emergency situations, assistance to military and astronauts, as well as for training and advanced training of doctors.
Market Size and Key Findings
The Russia Telemedicine Market Analysis size stood at around USD 0.057 billion in 2020 and is projected to reach USD xx billion by 2028, exhibiting a CAGR of xx% during the forecast period.
In 2019, the revenue of the telemedicine market in Russia constituted 4.4 billion Russian rubles. After a sharp increase to nearly 2.7 billion Russian rubles in 2017, the market revenue continued to grow in the following two years.
Market Dynamics
Market Growth Drivers Analysis
The significant growth of the Russia telemedicine market in the coming timeframe is expected to be witnessed on the back of an increase in digitalization in the healthcare sector. A rise in remote consultation backed by the rising prevalence of chronic diseases is anticipated to be a growth contributing factor for the progressive growth of the Russia telehealth market. A spur in the technological innovations in the healthcare sector, and efforts to find a resolution to address the accessibility issues of the healthcare sector in remote areas and offer bountiful opportunities to the potential industrial makers of the product and the to-be-investors to register significant growth in the coming timeframe.
Market Restraints
It would be very convenient to create a full-fledged unified medical base throughout Russia with the ability to access it by any doctor, but how to make sure that this base is well protected and the data in it is securely encrypted? By a regular video call, a doctor can find out confidential information – how to verify that it will not be intercepted? And how to make sure that it is used lawfully and cases are impossible so that “black realtors” massively turn to pensioners with mental disorders? So far, these are isolated risks, but they can become a serious problem if telemedicine is used everywhere.
Covid-19 Market Impact Analysis
The COVID-19 coronavirus pandemic has become a powerful incentive for the development of telemedicine both in the world and in Russia. The 1st Sechenov State Medical University became responsible for providing telemedical services to patients with coronavirus. In a short time, the university conducted more than 2,000 teleconsultations in the “doctor-doctor” mode for regional medical institutions. Increasingly, they resorted to this way of communication in the regions themselves. For example, in the Sverdlovsk region for 4 months of 2020, compared with the same period of the previous year, the number of telemedicine consultations on the infectious profile increased by 16%, on medical rehabilitation – 3.5 times, on pulmonology – 9 times.
Competitive Landscape
Key Players
Some of the major industry players involved in telemedicine market include Medisoft Telemedicine, Ge Healthcare, Haemonetics Corp., AMD Global Telemedicine Inc., Philips Healthcare, Cloudvisit Telemedicine, Reach Health companies.
Products in Pipeline
- Large Russian enterprises such as Yandex (a Russian multinational technology corporation specialising in online services and products) and New Medicine (Novaya Meditsina, Новая медицина) have both launched online-consultation services, with which the patient can discuss health issues directly with a doctor. Yandex even went a step further and has created Yandex. Health, a mobile application which allows the user to have a discussion with a qualified doctor online and in turn get sound medical advice. The application has had over 10,000 downloads in Russia alone since November 2016.
- In mid-October 2021, it became known that the Ministry of Economic Development of the Russian Federation developed a program of an experimental legal regime (EPR) for telemedicine. It is assumed that doctors will make diagnoses via the Internet.
Notable Recent Deals
- On October 20, 2020, the Ministry of Health of Russia announced the upcoming launch of remote medical consultations on the public services portal. The implementation of the pilot project is planned to begin with five regions, said Deputy Department Pavel Pugachev.
- On July 16, 2020, it became known that remote medical consultations for the first time in Russia began to be provided under the compulsory medical insurance policy. The telemedicine service “Doctor Nearby” has become available to the owners of the compulsory medical insurance policy in the Kaluga region – this is about 1 million people.
Healthcare Policies and Regulatory Landscape
Policy changes and Reimbursement scenario
The Ministry of Healthcare (‘MoH’) of Russia adopted “The Concept of Development of Telemedicine Technologies No 76” on 27 August 2001, thereby attempting to regulate the telemedicine and e-Health market for the first time. This attempt was simply based on a declaration to regulate the market, rather than provide legal regulations, therefore was at that stage only able to provide useful definitions. This included the definition of telemedicine as “medical-diagnostic consultations, administrative, education, scientific measures in healthcare carried out via telemedicine technologies”. Over a decade later and according to Article 32 (3) of the Law concerning “the basics of Healthcare of the citizens of the Russian Federation”, telemedicine is still not legal or fully regulated, as the law does not allow the provision of remote medical diagnosis or assistance. An amendment to the law was submitted to the lower house of the Russian Parliament in May 2016, which introduced a more contemporary way in which medical services can be delivered in Russia.
LANIT-Integration (part of the LANIT group of companies), with the support of Intel, has developed and implemented a system for remote coordination of medical activities in 39 clinics in Russia. This was announced by LANIT on October 5, 2020. The results of the April pilot project in the main coronavirus center of the State Design Bureau No. 40 (Kommunarka) made it possible to scale the decision to other medical institutions.
